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Susie Blackmon
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Crowing About the $7,500 First-Time Homebuyer Credit.
Looking off my deck Tuesday, crows were everywhere!
©Susie Blackmon Photos
Tax season is around the corner, and since I have had several questions posed to me regarding the $7,500 First-time Homebuyer Credit, I thought posting a link to the information regarding the credit would be appropriate, straight from the website of the Internal Revenue Service.
Topic 611 – First-time Homebuyer Credit
“The Housing and Economic Recovery Act of 2008 provides a new refundable tax credit for individuals who are qualified first-time homebuyers of a principal residence in the United States. The provision applies to a principal residence purchased by the taxpayer on or after April 9, 2008, and before July 1, 2009. Homebuyers who qualify are allowed a one-time credit against their income tax for the year of purchase. Unlike some past credits, this one must be repaid over a 15-year period. As a result, the new tax credit works like an interest free loan. You take the full credit in either 2008 or 2009, and then repay the credit amount in equal payments over 15 years, with no interest charges.
First-Time Homebuyer
A “first-time homebuyer” is any individual (and spouse if married) who had no present ownership interest in a qualifying principal residence during the 3-year period ending on the date of purchase of the principal residence for which a first-time homebuyer credit is being claimed.
Exceptions to definition of First-Time Homebuyer
The following taxpayers do not qualify for the first-time homebuyer credit:
- A homebuyer who qualifies for the District of Columbia First-time Homebuyer Credit in the year of purchase or in any prior year
- A homebuyer whose home was financed by the proceeds of tax-exempt mortgage revenue bonds
- A homebuyer who is a nonresident alien
- A homebuyer who disposes of the residence (or it ceases to be the taxpayer’s principal residence) before the close of a taxable year for which a credit otherwise would be allowable”
Read the rest of the IRS $7,500 First-Time Homebuyer Credit information here.
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